Quad Graphics Q3 Earnings Call Highlights

Impact · against what's priced in

Quad Graphics shows positive momentum in its high-margin retail media and direct marketing segments, which offsets weaknesses in large-scale print. While the raised sales floor and EPS growth are positive, widening negative free cash flow and an $11M reserve against a European divestiture note introduce liquidity and credit risks.

QUAD+0.20

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In context

Raising the full-year net sales floor and scaling the In-Store Connect network to 160 stores suggests improved revenue stability and a pipeline for 2027. However, negative free cash flow of $100 million and an $11 million reserve on a missed payment from European divestitures temper the upside.

• earnings▲6%
• guidance
• QUAD
• direct marketing
• logistics
• marketing services
• print media
• retail media

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